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Jobs for the United States, Growth for the World
A Historic Trade Agreement
On December 15, 1993, 117 countries concluded a major
agreement to reduce barriers blocking exports to world
markets, to extend coverage and enhance disciplines on
critical areas of trade, and to create a more fair, more
comprehensive, more effective, and more enforceable set
of world trade rules.
The Uruguay Round agreement is the most comprehensive
trade agreement in history. The existing set of trade
rules was incomplete; it was unreliable; and it was
increasingly unresponsive to major concerns of U.S.
The United States is uniquely positioned to benefit from
the Uruguay Round trade agreement and the new world trade
system it will create. U.S. workers will gain from
significant new employment opportunities and additional
hig--paying jobs associated with the increased production
of goods for export. U.S. companies will gain from
significant opportunities to export more agricultural
products, manufactured goods, and services. U.S.
consumers will gain from greater access to a wider range
of lower priced, higher quality goods and services. As a
nation, we will compete, and we will prosper.
This historic agreement will:
-- cut foreign tariffs on manufactured products by over
on--third, the largest reduction in history;
-- protect the intellectual property of U.S.
entrepreneurs in industries such as pharmaceuticals,
entertainment, and software from piracy in world markets;
-- ensure open foreign markets for U.S. exporters of
services such as accounting, advertising, computer
services, tourism, engineering, and construction;
-- greatly expand export opportunities for U.S.
agricultural products by limiting the ability of foreign
governments torestrict trade through tariffs, quotas,
subsidies, and a variety of other domestic policies and
-- ensure that developing countries follow the same
trade rules as developed countries and that there will be
no free riders;
-- establish an effective set of rules for the prompt
settlement of disputes, thus eliminating shortcomings in
the current system that allowed countries to drag out the
process and to block judgments they did not like; and
-- create a new World Trade Organization (WTO) to
implement the agreements reached.
This agreement will not:
-- impair the effective enforcement of U.S. laws;
-- limit the ability of the United States to set its own
environmental and health standards and to pass its own
-- erode the sovereignty of the United States to pass
its own laws.
The talks concluded on December 15, 1993 were launched at
a meeting of trade ministers from more than 100 countries
held in 1986 in Punta del Este, Uruguay. These talks are
therefore usually referred to as the Uruguay Round of
multilateral trade negotiations. They are the latest and
most significant set of negotiations that have been
carried out periodically since the late 1940's.
Following World War II, the major economic powers of the
world, recognizing that obstacles to trade hindered
economic development and growth, negotiated a set of
rules for reducing and limiting barriers to trade and for
settling trade disputes. These rules were called the
General Agreement on Tariffs and Trade (GATT).
While the world has benefitted enormously from the
reduction of trade barriers and expansion of trade made
possible by the GATT, the GATT rules were increasingly
out of step with the rapidly changing world of global
commerce. They did not cover many areas of trade such as
intellectual property and services; they did not provide
meaningful rules for important aspects of trade such as
agriculture; and they did not bring about the prompt
settlement of disputes. The old GATT rules also created
unequal obligations among different countries, despite
the fact that many of the countries that were allowed to
keep their markets relatively closed were among the
greatest beneficiaries of the system.
The successful conclusion of the Uruguay Round
negotiations was an important part of President Clinton's
strategy for strengthening the domestic economy. The
President led the effort to reinvigorate the Uruguay
Round and to break the gridlock that had stalled the
negotiations despite several years of preparation and
another seven years of negotiations.
The final result is a good deal for U.S. workers and
companies. It helps us to bolster the competitiveness of
key U.S. industries, to create jobs, to foster economic
growth, to raise our standard of living, and to combat
unfair foreign trade practices. The agreement will give
the global economy a major boost, as the reductions in
trade barriers create new export opportunities, and as
the new rules give businesses greater confidence that
export markets will remain open and that competition in
foreign markets will be fair.
The Importance of Trade to The United States
The U.S. economy is now woven into the global economy.
Where we once bought, sold, and produced almostly
entirely at home, we now participate fully in the global
marketplace. By expanding our sales abroad, we create
new jobs at home and we expand our own economy. The new
world trade agreement will enable us to create new jobs
in our most competitive industries. Trade (exports plus
imports) is now equivalent to about a quarter of the
value of what we produce as a nation-up from just 13
percent two decades ago. Trade benefits not only the
company that exports, but also the company that produces
parts incorporated in exported products, the insurance
agency that insures exporters, and the drug store and the
coffee shop near the exporter's factory. As a result of
past trade negotiations, exports have consistently grown
faster than domestic output since World War II. They
have been a particularly important source of U.S.
economic growth in the past few years.
In 1992, over 7 million workers in the U.S. owed their
jobs to merchandise exports. Of those, roughly on--third
were employed by industries directly producing
merchandise for export; tw--thirds were employed in jobs
indirectly supported by exports. An additional 3.5
million U.S. workers owed their jobs to U.S. service
Over 3.9 million workers were employed producing items
used in the production of exported products, or capital
goods needed to produce them. And nearly 1 million jobs
were supported by trade in other ways--in a wide range of
service jobs such as financing, hauling, wholesaling, and
brokerage. Jobs supported by exports are well paid;
wages in export-related jobs are 17 percent higher than
the U.S. average wage.
In addition to the more than 7 million U.S. jobs
supported by merchandise exports, many other jobs are
supported by exports of services. U.S. exports of
services have been growing rapidly and have reached about
40 percent of the value of U.S. merchandise exports.
U.S. companies exporting goods and services are often
limited by trade barriers that nations construct to
protect local industries.
Those barriers can be tariffs, which are taxes on goods
entering a country, or non-tariff barriers, which are
often rules, regulations, subsidies, or other unfair
trading practices that distort and limit trade. To the
extent, then, that we reduce trade barriers around the
world to U.S. exports of goods and services, we increase
economic opportunities here at home for workers in all
areas of the economy. At the same time, increased access
to foreign markets and increased competition at home
benefit consumers. Lower trade barriers reduce prices,
improve quality, and widen the choice of consumer goods.
This benefits both families and companies looking for
good bargains and high quality.Major forces of change are
sweeping the world. The United States must harness these
forces, not hide behind walls. Prosperity is the partner
of change, and Americans are at their best when facing
new challenges. U.S. workers, the most productive in the
world, will be better able to compete as these rules of
trade go into effect.
How The Uruguay Round Agreement Benefits Americans
1. The Uruguay Round Agreement provides a needed boost
to the world economy, which is currently stalled.
Well over 100 countries were engaged in the Uruguay Round
negotiations, including the European Union and Japan as
well as emerging economies in Latin America and Southeast
Asia. The Uruguay Round will increase global trade and
give the world economy, which is currently stalled, a
major boost. This will in turn help the U.S. economy.
For some years now a global recession has slowed our own
growth, leaving our economy performing below its
potential. In expectation of the increased exports that
will result from increased trade, companies are likely to
build new plants and order new machinery. This will
create many new jobs even in non-exporting industries
such as construction, capital goods, and transportation.
Our domestic growth is thus linked to the success -- or
failure -- of the world economy.
2. The Uruguay Round Agreement helps ensure long-term
The Uruguay Round achieved a more than one-third average
reduction in tariffs on trade with our GATT partners
around the world. Tariffs will be entirely eliminated in
several industries in which the United States is highly
competitive. In addition, many non-tariff barriers will
be eliminated or reduced. This round of global trade
negotiations, unlike the seven that preceded it, will
expand export opportunities in services as well as goods,
and in developing countries as well as in developed
economies such as Japan and Western Europe.
The Uruguay Round will reduce barriers to exports in some
of our most competitive industries. On average, every
billion dollars of merchandise trade exports results in
16-17 thousand new jobs here at home--with higher than
These reductions in trade barriers and the resulting
expansion of trade will have a dynamic effect on the U.S.
economy. Both the new export opportunities and the
increased competition that flow from lower tariffs will
induce businesses to invest more, thus stimulating long-
term economic growth. The increased competition will
spur technological innovation which, in turn, will
further add to growth.
Even before the Uruguay Round was completed, researchers
had attempted to quantify its likely effects on the
American economy. The existing estimates unanimously
conclude that economic effects will be positive. All
told, the Uruguay Round, when fully implemented, should
add $100 billion to $200 billion to U.S. GDP annually.
U.S. workers will clearly benefit through greater job
growth, higher real wages, and increased labor
productivity. How these benefits will be apportioned
between employment and wage increases is difficult to
predict and depends on several factors. One study by
DRI/McGraw Hill, which drew from work done by USTR and
the Council of Economic Advisors in 1990, estimated that
the net U.S. employment gain (over and above normal
growth of employment in the economy) will be 1.4 million
jobs by the tenth year after implementation.
These are substantial gains to the U.S. economy, but the
benefit could well be higher. The estimate did not take
into account the reductions in barriers to trade in
services or the improvements in trade rules, including
better protection abroad for U.S. intellectual property
3. The Uruguay Round Agreement benefits consumers by
effectively raising incomes.
The lowering of tariffs will also result in lower
consumer prices for imported products, which, of course,
will benefit consumers. In addition, greater global
competition will force domestic producers to become more
efficient and to lower their prices, further benefitting
consumers. And because the expansion of trade that will
stem from the Uruguay Round will expand income, Americans
will enjoy higher incomes and lower prices.
4. The Uruguay Round Agreement helps to level the
playing field for U.S. farmers, businesses, and workers
by strengthening trade rules.
The World Trade Organization will have much stronger
trade rules than the GATT, thus enabling U.S. workers to
compete with their foreign counterparts on more equal
terms. Our markets are the most open in the world. We
want to make sure foreign markets are as open to our
companies as ours is to foreign companies.
5. The Uruguay Round Agreement ensures fair and prompt
resolution of trade disputes.
Nations that trade with one another naturally have
disputes from time to time. One criticism of the GATT
has been that disputes take too long to resolve, and
sometimes stay unresolved. Companies or workers injured
when a GATT member country has broken a rule often waited
in vain for an effective remedy. The new dispute
settlement process under the WTO will eliminate the
procedural delays that so often frustrated U.S. workers
or firms. It sets deadlines for panel decisions and
appeals. And it strengthens our ability to combat unfair
trading practices by allowing "cross retaliation" when a
country fails to modify its laws or regulations in
response to a dispute settlement decision. "Cross
retaliation" means that if a country is found guilty of
committing an unfair practice in a certain sector, the
United States can respond with a measure in another
sector, allowing us to use the strongest means available
to ensure that a country will implement its WTO
6. The Uruguay Round Agreement addresses environmental
issues in international trade.
The Uruguay Round marks a first step toward recognizing
the interdependence of economic and environmental goals
in world trade rules. The preamble to the new World
Trade Organization establishes sustainable development as
a goal and recommends a work program to begin to deal
with these issues. Moreover, by fostering greater
efficiency and higher productivity, increased trade can
actually reduce pollution by encouraging the growth of
less polluting industries and the adoption and diffusion
of cleaner technologies.
7. The Uruguay Round Agreement supports transitions to
The new trade agreement will support U.S. foreign policy
goals by improving the export opportunities of formerly
communist or authoritarian governments, thus facilitating
their transition to democratic forms of government and
market-oriented economic policies. Nations around the
world are rejecting centralized political and economic
systems. Many of the developing nations are renouncing
inward-looking, protectionist policies, and are eager to
become full and equal participants in the global trading
system. The Uruguay Round agreement will ensure that
they will become members of the new World Trade
Organization on the basis of an agreed-upon set of rules.
What The Uruguay Round Accomplishes in Key Areas
Market Access: Expanding U.S. exports, jobs, and growth.
In an economy increasingly reliant on trade, opening up
new markets is absolutely essential to creating jobs and
Since World War II, international trade negotiations have
lowered tariffs by about 85 percent, resulting in
unprecedented export-led economic growth and ushering in
an era of prosperity among the trading nations. Before
the Uruguay Round, however, significant barriers
The agreement on market access for goods will:
-- eliminate tariffs in major industrial markets and
significantly reduce or eliminate tariffs in many
markets, in the following areas:
-- Construction equipment
-- Distilled spirits
-- Agricultural equipment
-- Medical equipment
-- make deep cuts ranging from 50 to 100 percent on
important electronics items (such as semiconductors,
computer parts, and semiconductor manufacturing
equipment) by major U.S. trading partners;
-- harmonize tariffs of developed and major developing
countries in the chemical sector at very low rates (0,
5.5, and 6.5 percent); and,
-- cut European tariffs on goods imported from the
United States by over 50 percent.
Moreover, the Uruguay Round agreement will sharply limit
the non-tariff barriers to imports -- such as quotas and
voluntary export restraints -- that have often sprouted
to replace falling tariffs.
Strengthened Global Trade Rules: Helping U.S. companies
and workers compete.
The rules of the new World Trade Organization will help
ensure that all WTO members play by the same rules.
These new global trade rules will enable our companies
and workers to compete on a more level playing field.
Specifically, the World Trade Organization will have more
effective rules in the following areas:
-- Dispute Settlement. A swift, sure, and effective
mechanism to resolve trade disputes will ensure that the
United States will have recourse to a speedy remedy when
foreign countries violate international rules and raise
new trade barriers.
-- Dumping. Under the new rules, the United States
retains its ability to take effective action against
unfair dumping practices, while U.S. exporters are
ensured fair application of anti-dumping laws by foreign
countries. The United States was able to achieve these
goals despite strong international pressure to weaken
U.S. laws. Specifically, the new dumping agreement
enhances transparency, permits the United States to
discipline circumvention, allows for --cumulation-- of
imports to determine whether U.S. industry is injured,
provides a deferential standard of review so U.S.
decisions are not summarily overturned, and recognizes
the right of unions to file petitions.
-- Subsidies. The new agreement strengthens our ability
to combat unfairly subsidized foreign products that
compete against non-subsidized U.S. products, while
preserving our ability to pursue pre-competitive research
for initiatives like Sematech.
-- Import Safeguards. New rules will enable the United
States to take temporary actions against surges in
imports without having to pay compensation. At the same
time, the new rules will ensure that other countries will
follow the same kind of objective and transparent
procedures that the United States follows.
-- Product Standards. Stronger, more comprehensive
rules will ensure that product standards are not used to
keep out imports, while allowing each country to set its
own standards for the protection of human life, health,
and the environment. The United States will not have to
change any of its health and safety standards, because
they are based on objective, scientific criteria and are
not used as trade barriers.
Developing Countries: Full participants in the new global
Many developing nations, from Latin America to East Asia,
have committed themselves in the Uruguay Round to accept
more fully the market-oriented global trade rules of the
WTO. This helps us, because developing countries buy
nearly a third of U.S. exported goods and services--about
$235 billion a year--and are our fastest growing export
markets. This will also help them, because the more
market-oriented policies and the reduced trade barriers
will increase economic opportunities and raise income in
The Uruguay Round will more fully integrate developing
countries into the world economy by:
-- opening their markets to goods, services, and
-- committing them to following the same rules of fair,
open trade as all other countries; and
-- moving away from a system of obligations in which
developing countries enjoy the benefits of the trading
system without adhering to the rules.
Intellectual Property Rights: New rules to safeguard
Creativity and innovation are among America's greatest
strengths. American films, music, software, and medical
advances are prized around the globe. The jobs of
thousands of workers are dependent on the ability to sell
these products abroad. Royalties from patents,
copyrights, and trademarks are a growing source of
foreign earnings to the U.S. economy. The U.S. victims
of international piracy are a "who's who" of innovative
industries: automakers and moviemakers; chemical and
aviation companies; songwriters and software-writers;
inventors of cellular telephones; and authors of books.
The World Trade Organization will establish international
rules to protect Americans from the global counterfeiting
of their creations and innovations.
Strong intellectual property protection spurs innovation,
which creates jobs and increases U.S. competitiveness.
Whether you are a rock star, the developer of a new drug
to help cure cancer, the author of new database
management software, or a person employed to produce or
sell such products--as many Americans increasingly are--
the World Trade Organization will help ensure that the
fruits of your creativity are protected around the world.
The agreement on Trade Related Intellectual Property
establishes improved standards for the protection of
intellectual property rights and provides for the
effective enforcement of those standards.
In the area of copyrights, the new agreement resolves
some key trade problems for U.S. software interests by
protecting computer programs as literary works and
databases as compilations under copyright. It also
benefits motion picture and recording interests by giving
them the right to authorize or prohibit the rental of
their products and establishing a term of 50 years for
the protection of sound recordings and motion pictures.
In the area of patents, the new agreement resolves long-
standing trade irritants for key U.S. industries by
protecting the product and process patents of virtually
all types of inventions, including those in
pharmaceuticals and chemicals, establishing meaningful
limitations on the ability to impose compulsory
licensing, and ensuring a patent term of 20 years.
In the area of trademarks, the new agreement requires
member countries to register service marks in addition to
trademarks and to provide enhanced protection for
internationally well known marks. It also prohibits
countries from adopting laws that would result in the
mandatory linking of marks or the compulsory licensing of
The new agreement also provides rules for protecting
trade secrets, integrated circuits, and industrial
Services: International rules to bolster a key part of
The new World Trade Organization will extend fair trade
rules to a sector that encompasses 50-60 percent of our
economy and 70 percent of our jobs: services. Countries
agreed to new rules in more than 150 service sectors and
subsectors not previously covered by world trade rules.
Industries such as advertising, law, accounting,
information and computer services, environmental
services, engineering, and tourism are a large and
growing component of the U.S. economy. When a company
makes a product, it needs financing, advertising,
insurance, computer software, and so forth. Competition
for these services is now global.
We lead the world in this sector with nearly $180 billion
in exports annually. The World Trade Organization will
implement new rules on trade in services, which will
establish for the first time a set of clear, fair, and
non-restrictive rules to:
-- expand market opportunities for U.S. service
providers by removing barriers to foreign trade in
-- enable service firms to set up shop overseas and be
treated as fairly as local firms;
-- prevent governments from interfering in services
trade through byzantine regulations that serve as de
facto trade barriers; and,
-- ensure that countries administer their laws and
regulations in services in an open manner.
Eighty-nine governments have submitted a schedule of
market access commitments in specific sectors, such as
professional services (accounting, architecture,
engineering), other business services (computer services,
rental and leasing, advertising, market research,
consulting, security services), communications (value-
added telecommunications, couriers, audio-visual
services), construction, distribution (wholesale and
retail trade, franchising), educational services,
environmental services, financial services (banking,
securities, insurance), health services and tourism
Agriculture: Opening markets for U.S. exports.
U.S. farmers are the envy of the world, but too often
they have not been able to sell the products of their
hard labor abroad, because the old GATT rules did not
effectively limit agricultural trade barriers. Many
countries have kept our farmers out of global markets by
limiting imports and subsidizing exports. These same
policies have raised prices for consumers around the
The Uruguay Round agreements will reform policies that
distort the world agricultural market and international
trade in farm products. By curbing policies that distort
trade, the World Trade Organization will open up new
trade opportunities for efficient and competitive
agricultural producers like the United States.
The rules of the World Trade Organization will:
-- reduce budgetary outlays for export subsidies by 36
percent and reduce the quantity of subsidized exports by
-- lower market access barriers by converting all non-
tariff barriers to tariffs and reducing these and
existing tariffs by an average of 36 percent (with a
minimum 15 percent cut for any particular product);
open markets that had been closed off to U.S. goods.
For example, for the first time, U.S. farmers will be
able to sell rice in Japan and Korea on a regular basis;
-- reduce trade-distorting internal support policies by
20 percent. The U.S. will not have to change any of its
internal support programs because of the substantial
reductions made in the 1990 Food, Agriculture,
Conservation and Trade Act and the recent budget
reconciliation packages; and
-- ensure that food health regulations are based on
scientific evidence and are not used as trade barriers.
This will not in any way force us to reduce our
standards, since our regulations are solidly based on
Reduced trade barriers: Removing barriers embodied in
foreign investment rules.
The Uruguay Round agreement will reduce trade barriers
associated with investment (such as local content rules)
and prohibit regulations on investment that create new
trade barriers. Reducing trade barriers associated with
investment will help keep U.S. manufacturing jobs at
home. At the same time, the new agreement will help U.S.
businesses to expand and sell abroad in the most
efficient way possible, by preventing foreign governments
from telling them what they have to buy locally or what
they have to export.
The Environment: Recognizing the relationship between
environmental and trade issues.
When negotiators began the Uruguay Round discussions in
1986, there was little if any awareness of the link
between environmental issues and trade issues. World
leaders now agree that we must recognize the
interdependence of economic and environmental goals in
trade negotiations. Although environmental issues were
not originally part of the Uruguay Round negotiations,
the United States initiated discussions on the
environment in the late stages of the negotiations. This
led to new provisions that elevate the importance of the
environment in trade negotiations.
Specifically, the new World Trade Organization will
embrace the goal of promoting sustainable development;
provide a more "transparent" dispute settlement process
to protect our own efforts to preserve the environment
and establish a tangible commitment to a new initiative
on trade and the environment.
Perhaps most importantly, there will be a comprehensive
examination of the interaction between trade rules and
environmental objectives. The WTO will create a
Committee on Trade and Environment with a broad mandate,
including the possiblity of recommending changes to trade
rules where necessary.
QUESTIONS AND ANSWERS
Q: What is the Uruguay Round?
A: In 1986, trade ministers from over 100 countries met
in Punta Del Este, Uruguay. They set in motion
negotiations aimed at the reduction of trade barriers,
which were concluded on December 15, 1993. Specifically,
the Uruguay Round agreements include:
-- lower tariff and non-tariff barriers for manufactured
products and other goods;
-- rules to protect the intellectual property of U.S.
entrepreneurs, entertainment industries, and software
-- new markets for U.S. firms producing services;
-- fair competition and open markets in agriculture;
-- the full participation of developing countries in the
global trading system;
-- effective rules on antidumping, subsidies, and import
-- a dispute settlement system that will be speedy,
cannot be blocked or delayed by the losing country, and
will authorize "cross retaliation"--retaliation in
another country when its decisions are not promptly
Q: What is the World Trade Organization?
A: Following World War II, the major economic powers of
the world, recognizing that high trade barriers hindered
economic development and growth, created the General
Agreement on Tariffs and Trade (GATT), a set of global
rules for international trade. As a result of the
Uruguay Round, these rules have been substantially
expanded and improved, and extended to most trading
nations on an equivalent basis. In light of the
comprehensive nature of the new rules, responsibility for
their enforcement has been given to a new World Trade
Organization (WTO). These rules will substantially
reduceforeign government practices that restrict trade.
The WTO will also provide procedures for negotiating
additional reductions of trade barriers and for the
prompt and effective settlement of disputes in all of the
policy areas covered by the new world trade agreement.
Q: Does the U.S. lose sovereignty with the Round?
A: No. Nothing in the WTO relinquishes our sovereignty.
The decision of the United States to enter into an
agreement that expands trade and creates jobs is an
exercise in sovereignty, not a surrender of it.What does
happen is that workers and companies around the world
will compete on a level playing field, using the same
rule book--and that will promote American economic growth
and help protect American jobs.
Q: How do the rules of the World Trade Organization
affect our health and safety standards?
A: Not at all. We will remain able to maintain the
health and safety standards we believe are necessary. At
the same time, the World Trade Organization will ensure
that other nations cannot block our exports by using
standards not based on scientific evidence.
Q: How does the World Trade Organization affect the
A: When negotiators began the Uruguay Round discussions
in 1986, there was no general awareness of the link
between environmental issues and trade issues. World
leaders now agree that we must recognize the
interdependence of economic and environmental goals in
The text establishing the World Trade Organization
acknowledges the need to address environmental issues.
The United States has proposed major initiatives on trade
and the environment as a top priority for consideration
by the WTO.
Thus, the World Trade Organization, which will create a
Committe on Trade and Environment, will assist our
efforts to protect our environment, and it will assist
efforts to reach international agreement on environmental
issues that affect the entire world, such as ozone
depletion, global climate change and biodiversity.
Q: Will there be job loss as a result of increased
trade? What will happen to workers that lose their jobs?
A: Increased trade will result in more jobs for
Americans. The new trade agreement will result in
substantial job creation for the United States, but there
will be some job dislocations We must help those men and
women who lose their jobs for whatever reason (defense
conversion, corporate downsizing, etc.) The President is
working to establish a program of worker retraining and
adjustment, which is an essential element of his economic
Q: How will the new world trade agreement affect
A: The agreement will be a big plus for consumers. The
substantial reductions in trade barriers will result in
lower prices and greater variety of goods. From tropical
nuts to French wines to Japanese stereo equipment, U.S.
consumers will enjoy the benefit of greater availability
of foreign products. At the same time, greater
competition will lower prices on domestic products. This
will benefit not only individual consumers buying
clothing or food, but also businesses buying parts.
That, in turn, will make those companies more competitive
and help protect U.S. jobs.
Q: How is the new world trade agreement different from
the North American Free Trade Agreement (NAFTA)?
A: The NAFTA completely eliminates tariff and non-tariff
barriers between the United States, Canada and Mexico
over a 15-year period. The new world trade agreement
will lower trade barriers and eliminate some tariffs
among well over 100 countries, including major U.S.
trading partners, like the European Union and Japan.
Unlike the NAFTA, it will not completely eliminate all
barriers. Because so many more countries were involved,
the new global trade agreement is more complex than
NAFTA, but offers much greater potential to stimulate
U.S.--and global--economic growth.
Q: What will happen next?
A: The agreement was signed in mid-April 1994. Once the
United States and the other governments have ratified the
agreements, they will go in effect, most likely in early
FOR MORE INFORMATION
Individuals interested in a more detailed summary of the
Uruguay Round can obtain a copy of "The Executive Summary
of the Uruguay Round of Multilateral Trade Negotiations"
from the Office of the U.S. Trade Representative, 600
17th Street, N.W., Washington D.C., 20506, or by calling
the Commerce Department's "Uruguay Round Hotline" at
[END OF URUGUAY ROUND: JOBS FOR THE UNITED STATES,
GROWTH FOR THE WORLD]
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